Budget 2013-14: Rs.1 lakh interest deduction for first-time home buyers, benefiting middle-income class
Budget 2013 offered limited benefits to the real estate sector, primarily aiding first-time homebuyers with tax deductions on home loans up to ₹25 lakh.
The recent budget allows external borrowing for low-cost housing, improving funding availability, but still falls short of the real estate sector's wider expectations.
India's revised Direct Tax Code (DTC), effective 2011, simplifies income tax laws, impacting real estate. Key changes include taxing actual rental income and retaining home loan interest deductions up to ₹1.5 lakhs.